Under Armour CEO Kevin Plank started his first company while a student at University of Maryland: a rose delivery service called Cupid's Valentine.
While he eventually gave up on flower delivery, he used profits from Cupid's Valentine as early funding for the line of high-tech athletic t-shirts that eventually became Under Armour.
His early venture inspired Plank to give back to student entrepreneurs, and for the past 12 years, he's held Cupid's Cup, a pitch competition for young entrepreneurs. The competition, which is a private initiative that Plank personally funds, from a small competition in the Baltimore area (where Under Armour is headquartered) to a national competition that has drawn over 300 applicants from 98 universities around the US and world, and it's only ever been held at University of Maryland--until now.
Starting this year, Cupid's Cup will rotate to various universities around the country, and they're kicking things off in Chicago: The Cupid's Cup will be held at Northwestern University, on March 30, 2017. Tom Geddes, CEO of Plank Industries, Plank’s privately held company and investment arm, told the Washington Business Journal they chose Northwestern for the strength of the Kellogg School of Management and “really strong commitment to entrepreneurship.”
Melissa Kaufman, executive director at The Garage, Northwestern's hub for entrepreneurship, said she sees it as a nod to Northwestern's growth in support for student innovators.
“Northwestern’s interdisciplinary ecosystem and emphasis on collaboration positions us to be a leader in student-founded ventures,” she said to Northwestern Now. “From inventive research to big ideas founded in classrooms and brought to life at The Garage, Northwestern values student entrepreneurship and innovation.”
Entrepreneurs will compete for $100,000 in equity-free cash prizes, and it is open to any founder who's a current student or alum of an accredited university and under age 30. Judges for this year haven't been announced, but in previous years they have included Ariana Huffington, Daymond John, Dan Gilbert and Russell Simmons. Last year Javazen, a Maryland startup creating coffee infused with loose leaf tea and nutrient-rich superfoods, won the top prize.
Applications for Cupid's Cup close January 1, and semifinals will be held February 6th in Baltimore.
Note: Updated to reflect that Plank personally funds the Cupid's Cup--Under Armour is a partner in the event, but does not fund or manage Cupid's Cup. Also, the date of the semifinals has since been changed to February 6th.
